Caledonia Mining Corporation Plc ("Caledonia" or the
"Company") (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)
announces its operating and financial results for the year ended
December 31, 2023 (the "Year"). Further information on the
financial and operating results for the Year and the quarter ended
December 31, 2023 (the "Quarter" or "Q4") can be found in the
Management Discussion and Analysis ("MD&A"), and the audited
financial statements, which are available on the Company's website
and which are being filed on SEDAR.
Following the trading
update of March 4, 2024, the Company is trading in line with both
market expectations and production guidance for 2024. The Company
also declares a quarterly dividend of 14 United States cents
(US$0.14) on each of the Company's shares.
2023 Financial
Summary (USD)
- Gross revenue of $146.3 million
(2022: $142.1 million). Revenue for the Year was 3% higher than in
2022 due to a 7.8% increase in the average realised price of gold
sold.
- Gross profit of $41.5 million
(2022: $61.8 million). Gross profit decreased due to higher
production costs at Blanket Mine (“Blanket”) of $69.6 million and
operating costs at the small scale, temporary Bilboes oxide mine in
the Year of $13.1 million. The Bilboes oxide mine was returned to
care and maintenance with effect from October 1 2023.
- Revenue and gross profit exclude
the benefit of 3,057 ounces of gold work-in-progress at the end of
December which were sold in the first week of January.
- Administrative expenses of $17.4
million (2022: $11.9 million). Administrative expenses during the
Year were 46% higher than in 2022, predominantly due to increased
salaries and wages (which included a one-off settlement payable to
the former Chief Operating Officer) and payment for advisory
services on conclusion of the Bilboes acquisition in January
2023.
- EBITDA of $29.7 million (2022:
$50.4 million) was lower than in 2023 primarily due to the Bilboes
oxide mining cost of $13.1 million and several one-off costs
including, those listed above, higher than expected labour and
power costs of $5.5 million, and $2.5 million of foreign exchange
losses in the year.
- On-mine cost per ounce1 was $1,047
(2022: $735). Excluding the costs of the small-scale
temporary Bilboes oxide mine (which was placed on care and
maintenance from October 1, 2023), on-mine costs would have
amounted to $912 per ounce compared to $735 per ounce in 2022, the
increase being due to increased labour and electricity costs.
- All-in sustaining cost per
ounce1 of $1,445 (2022: $878) being a 64.6% increase year-on-year,
predominantly due to the higher on-mine cost per ounce (above) and
an increase in sustaining capital expenditure following the
classifying of capital expenditures on projects due to Blanket’s
investment phase nearing its end.
- Adjusted earnings per share
(“EPS”)1 of 17.1 cents (2022: 219.9 cents).
- Net cash from operating activities
of $14.8 million (2022: $42.6 million).
- Net cash and cash equivalents of
$(11.0) million (2022: $1.5 million). The decrease is predominantly
due to cash consumption from the Bilboes oxide mine operating
activities, the higher cost at Blanket and the once-off costs
highlighted above.
- The dividend for 2023 was
maintained at the same level as in 2022. As set out in a separate
news release issued today, Caledonia has declared a quarterly
dividend of 14 cents per share, payable on April 26, 2024. This
reflects our confidence in Blanket’s operations and its cash
generation.
Operating
Highlights
- Annual gold production at Blanket of 75,416 ounces (“oz”) in
2023, in line with guidance.
- Quarterly gold production at Blanket of 20,172 oz in Q4.
- 2024 gold production guidance at Blanket of 74,000 oz to 78,000
oz2.
- Gold sales in Q4 excluded 3,057 oz that were held as
work-in-progress as at December 31, 2023 and which were sold early
in January 2024.
- Further encouraging results from the deep-level drilling
programme at Blanket, as announced in January 2024, which is
currently evaluating the continuity of the mineralised zones on the
Blanket and Eroica ore bodies. Total drilling for 2023 was 13,280
metres and this, together with ongoing drilling, will be reflected
in a revised mineral resource statement expected to be released in
the second quarter of 2024.
Post Year-end
events, Outlook and Strategic Focus
- The operating and financial performance at Blanket has been in
line with management expectations in the first quarter of
2024.
- The Company is evaluating the initial results of the ongoing
work on revised feasibility studies for Bilboes with a specific
focus on reducing the initial capital expenditure profile, thereby
enhancing the project economics.
- Dana Roets left the business as Chief Operating Officer on
February 29, 2024. A process is well-advanced to appoint a
replacement.
- Tariro Gadzikwa has joined the board as an independent
non-executive director.
- Caledonia’s immediate strategic focus is to:
- Produce between 74,000 oz to 78,000 oz in 2024 at Blanket and
at a similar level in 2025.
- Complete a revised resource statement thereby extending the
life of mine at Blanket.
- Complete the updated feasibility study on the Bilboes sulphide
project to determine the best implementation strategy and estimate
the funding requirements, and commence development of the
project.
- Continue with exploration activities at the Motapa exploration
project.
Mark Learmonth, Chief Executive Officer,
commented:
“The performance of Blanket remains robust;
operating cash flows across the second half of the year show a
continuation of the improved operating performance compared to the
first half of 2023. We continue to see Blanket as the solid
foundation for growth as we pursue our strategy to become a
multi-asset gold producer.
“I am pleased that the Company also announces
today its quarterly dividend of 14 cents which reflects managements
confidence in the operations of the business. Future dividend
payments will reflect operational performance and an assessment of
capital allocation.
“At a consolidated level, group profitability
for the Quarter was adversely affected by several unanticipated
one-off costs, and by higher than expected labour and power costs.
Management has taken steps to address these and is evaluating
measures to reduce electricity consumption and improve labour
efficiency. Gold sales in the Quarter exclude 3,057 ounces of gold
that were held as work-in-progress as at December 31, 2023 and
which were sold early in January 2024.
“We are highly encouraged by the results from
the underground exploration programme at Blanket which we restarted
during the year; in general, the drilling results, which we
announced in July 2023 and January 2024, indicated significantly
better widths and grades than previously modelled and we expect to
publish a revised resource statement in the second quarter of 2024
which should incorporate an increase in Blanket's life of mine.
“Caledonia’s vision
has evolved over the last couple of years from being a relatively
small operator of a single asset towards a strategy focussed on
becoming a multi-asset, Zimbabwe focussed gold producer with an
ambition to produce over 250,000 ounces of gold per annum. The
acquisition of Bilboes in January 2023 builds on the earlier
acquisitions of Motapa and Maligreen to create a portfolio of
high-quality exploration and development assets in Zimbabwe.
“I look forward to
announcing the results of the updated feasibility study for the
Bilboes sulphide project soon and firmly believe that we have the
potential to create and deliver greater shareholder value from the
future inclusion of this project in our production profile.”
CommentaryRevenue in the Quarter was 13.1% higher
than the last quarter of 2022 (the “comparative quarter”) due to a
0.9% increase in the quantity of gold sold and a 12.2% increase in
the average realised price of gold sold. Revenue for the Year was
3.0% higher than in 2022 due to a 7.8% increase in the average
realised price of gold sold, offset by 4.4% lower oz sold in the
Year compared to 2022. Sales in the Quarter exclude 3,057 oz that
were held as work-in-progress at December 31, 2023 and which were
sold early in January 2024. Production at Blanket for the Year of
75,416 oz was in line with guidance.
Finance costs paid in the Quarter and the Year
increased due to overdraft interest of $0.7 million in the Quarter
and $1.7 million in the Year (Q4 2022: $0.1 million; 2022: $0.2
million) to accommodate working capital fluctuations at Blanket. In
addition, finance costs for the Year included interest of $0.6
million (2022: $nil) related to the Motapa loan notes that were
fully repaid on July 3, 2023.
Gross profit for the Quarter and Year decreased
from the comparative quarter and previous year, due to higher
production costs, in particular at the Bilboes oxide mine and
electricity and labour costs at Blanket. Increased non-cash,
depreciation costs were also incurred as a result of a shortening
of the useful life of certain property, plant and equipment items
at Blanket in the Year in areas that are planned to be mothballed
over the next few years as the mine transitions towards producing
entirely from below 750 meters, serviced by the Central Shaft.
Blanket’s Q4 production costs increased due to
the higher than anticipated use of electricity arising from the
continued heavy use of infrastructure at the No. 4 Shaft and Jethro
Shaft. These will be used more sparingly going forwards following
the commissioning of the Central Shaft. Electricity usage is
expected to reduce in 2024 and 2025 as Blanket transitions from the
old mine infrastructure and mining activities become centralised in
areas accessible by the Central Shaft. Management is reviewing the
timing of closing down other shafts and machinery and using
infrastructure more efficiently, to reduce future power
consumption.
The poor quality of electricity supply from the
Zimbabwe grid is the most significant production risk at Blanket.
In Q4, Blanket’s power supply from the grid was interrupted due to
an imbalance between electricity demand and supply. Management is
investigating options to alleviate the instability in the utility
supply and further reduce the cost of diesel generator usage to
supplement low voltage occurrences and power outages. Further work
is in process to reduce Blanket's overall electricity consumption
by utilising the available shafts and machinery more
efficiently.
The management of the labour force has improved
since December 2023 and, as a result, the overtime costs reduced
significantly in December 2023. These efficiencies are expected to
continue.
Administrative
expenses in the Quarter were 43.0% higher than the comparative
quarter predominantly due to increased salaries and wages
(including the settlement amount paid to the Chief Operating
Officer on leaving the business). Administrative expenses in the
Year include a one-off fee of $3.1 million paid for advisory
services on conclusion of the Bilboes acquisition in January 2023.
Excluding both of these costs, which are non-recurring,
administration expenses for the Year increased by 5.0% compared to
2022.
Finance costs paid in
the Quarter and the Year increased due to overdraft interest of
$0.7 million in the Quarter and $1.7 million in the Year (Q4 2022:
$0.1 million; 2022: $0.2 million) to accommodate working capital
fluctuations at Blanket. In addition, finance costs for the Year
included interest of $0.6 million (2022: $nil) related to the
Motapa loan notes that were fully repaid by July 3, 2023.
Net profit for the
Quarter and Year was affected by increased production costs, higher
depreciation and higher administrative expenses compared to the
comparative quarter and previous year. Further, net profit for the
Year was negatively affected by foreign exchange losses compared to
foreign exchange gains in the previous year.
Due to the oxide mining activities at Bilboes
incurring losses, it returned to care and maintenance with effect
from October 1, 2023, following which the costs at Bilboes
reduced from approximately $1 million per month to $200,000 per
month, being the costs of security and other care and maintenance
costs. Leaching of the oxide ore on the heap leach continued and
will continue as long as the gold recovered from the heap
contributes to care and maintenance costs. Oxide mining will resume
when the stripping of the waste for the sulphide project
commences.
The ongoing underground drilling program
at Blanket targeted the Eroica, Blanket and AR south ore
bodies and has yielded encouraging results which were published on
July 10, 2023 and January 30, 2024. Total drilling for 2023 was
13,280 metres and the results indicate that the existing Blanket,
Eroica and AR South ore bodies have grades and widths which are
generally better than expected. This new information will be
reflected in a revised resource statement which is expected to be
published in the second quarter of 2024 and, in due course, an
updated technical report in respect of Blanket.
Bilboes
Feasibility StudyWork on a revised feasibility study for
the large-scale sulphide project at Bilboes is well-advanced and
the Company is considering the initial results. Further work
continues, particularly focused on reducing the initial capital
expenditure with a view to enhancing the project economics. This
will require the preparation of a new technical report which
reflects the work that has already been performed and the further
work that is currently in progress. Management has always stressed
that it will consider alternative development paths for Bilboes
with a view to optimising capital allocation and thereby maximising
the uplift in value for Caledonia shareholders.
Conference
Call DetailsManagement will host a conference call at 2pm
London time on 3rd April to discuss the 2023 results.
Details for
the call are as follows:
When: Apr 3,
2024 02:00 PM London time
Topic: Q4 and
FY Results call for Shareholders
Register in
advance for this webinar:
https://caledoniamining.zoom.us/webinar/register/WN_kr_kHxqgSuKFqoj8fMUL2w
After
registering, you will receive a confirmation email containing
information about joining the webinar.
Enquiries:
Caledonia Mining Corporation PlcMark
LearmonthCamilla Horsfall |
Tel: +44 1534 679 800Tel: +44
7817 841 793 |
|
|
Cavendish Capital
Markets Limited (Nomad and Joint Broker)Adrian Hadden
Pearl Kellie |
Tel: +44 207 397 1965Tel: +44
131 220 9775 |
|
|
Liberum Capital
Limited (Joint Broker)Scott MathiesonMatt Hogg |
Tel: +44 20 3100 2000 |
|
|
Camarco, Financial PR/
IR (UK)Gordon PooleJulia TilleyElfie Kent |
Tel: +44 20 3757 4980 |
|
|
3PPB (Financial PR,
North America)Patrick ChidleyPaul Durham |
Tel: +1 917 991 7701Tel: +1
203 940 2538 |
|
|
Curate Public
Relations (Zimbabwe)Debra Tatenda |
Tel: +263 77802131 |
|
|
IH Securities
(Private) Limited (VFEX Sponsor -
Zimbabwe)Lloyd Mlotshwa |
Tel: +263 (242) 745
119/33/39 |
|
|
The
information contained within this announcement is deemed by the
Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
Cautionary
Note Concerning Forward-Looking Information
Information and
statements contained in this news release that are not historical
facts are "forward-looking information" within the meaning of
applicable securities legislation that involve risks and
uncertainties relating, but not limited to Caledonia's current
expectations, intentions, plans, and beliefs. Forward-looking
information can often be identified by forward-looking words such
as "anticipate", "believe", "expect", "goal", "plan", "target",
"intend", "estimate", "could", "should", "may" and "will" or the
negative of these terms or similar words suggesting future
outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or
performance. Examples of forward-looking information in this news
release include: production guidance, estimates of future/targeted
production rates, our plans and timing regarding further
exploration and drilling and development, future costs, the
development of Bilboes, our strategic vision and the publication of
an updated mineral resource statement. This forward-looking
information is based, in part, on assumptions and factors that may
change or prove to be incorrect, thus causing actual results,
performance or achievements to be materially different from those
expressed or implied by forward-looking information. Such
factors and assumptions include, but are not limited to: failure to
establish estimated resources and reserves, the grade and recovery
of ore which is mined varying from estimates, success of future
exploration and drilling programs, reliability of drilling,
sampling and assay data, assumptions regarding the
representativeness of mineralization being inaccurate, success of
planned metallurgical test-work, capital and operating costs
varying significantly from estimates, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects and other factors.
Security holders,
potential security holders and other prospective investors should
be aware that these statements are subject to known and unknown
risks, uncertainties and other factors that could cause actual
results to differ materially from those suggested by the
forward-looking statements. Such factors include, but are not
limited to: risks relating to estimates of mineral reserves and
mineral resources proving to be inaccurate, fluctuations in gold
price, risks and hazards associated with the business of mineral
exploration, development and mining, risks relating to the credit
worthiness or financial condition of suppliers, refiners and other
parties with whom the Company does business; inadequate insurance,
or inability to obtain insurance, to cover these risks and hazards,
employee relations; relationships with and claims by local
communities and indigenous populations; political risk; risks
related to natural disasters, terrorism, civil unrest, public
health concerns (including health epidemics or outbreaks of
communicable diseases such as the coronavirus
(COVID-19)); availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development, including the risks of obtaining or
maintaining necessary licenses and permits, diminishing quantities
or grades of mineral reserves as mining occurs; global financial
condition, the actual results of current exploration activities,
changes to conclusions of economic evaluations, and changes in
project parameters to deal with unanticipated economic or other
factors, risks of increased capital and operating costs,
environmental, safety or regulatory risks, expropriation, the
Company's title to properties including ownership thereof,
increased competition in the mining industry for properties,
equipment, qualified personnel and their costs, risks relating to
the uncertainty of timing of events including targeted production
rate increase and currency fluctuations. Security holders,
potential security holders and other prospective investors are
cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information
involves numerous assumptions, inherent risks and uncertainties,
both general and specific, that contribute to the possibility that
the predictions, forecasts, projections and various future events
will not occur. Caledonia undertakes no obligation to update
publicly or otherwise revise any forward-looking information
whether as a result of new information, future events or other such
factors which affect this information, except as required by
law.
This news release is not an offer of the shares
of Caledonia for sale in the United States or elsewhere. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of the shares of
Caledonia, in any province, state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such province, state
or jurisdiction.
Craig James Harvey,
MGSSA, MAIG, Caledonia Vice President, Technical Services, has
reviewed and approved the scientific and technical information
contained in this news release. Craig James Harvey is a "Qualified
Person" as defined by each of (i) the Canadian Securities
Administrators' National Instrument 43-101 - Standards of
Disclosure for Mineral Projects and (ii) sub-part 1300 of
Regulation S-K of the U.S. Securities Act.
Consolidated statements of profit or loss and other
comprehensive income(in thousands of United States
Dollars, unless indicated otherwise)
For the years ended December 31 |
|
|
2023 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
Revenue |
|
|
146,314 |
|
142,082 |
|
121,329 |
|
Royalty |
|
|
(7,637 |
) |
(7,124 |
) |
(6,083 |
) |
Production costs |
|
|
(82,709 |
) |
(62,998 |
) |
(53,126 |
) |
Depreciation |
|
|
(14,486 |
) |
(10,141 |
) |
(8,046 |
) |
Gross
profit |
|
|
41,482 |
|
61,819 |
|
54,074 |
|
Other income |
|
|
263 |
|
60 |
|
46 |
|
Other expenses |
|
|
(4,367 |
) |
(11,782 |
) |
(7,136 |
) |
Administrative expenses |
|
|
(17,429 |
) |
(11,941 |
) |
(9,091 |
) |
Cash-settled share-based
expense |
|
|
(463 |
) |
(609 |
) |
(477 |
) |
Equity-settled share-based
expense |
|
|
(640 |
) |
(484 |
) |
– |
|
Net foreign exchange (loss)
gain |
|
|
(2,550 |
) |
4,411 |
|
1,184 |
|
Net derivative financial
instrument expense |
|
|
(1,119 |
) |
(1,198 |
) |
(240 |
) |
Operating
profit |
|
|
15,177 |
|
40,276 |
|
38,360 |
|
Finance income |
|
|
39 |
|
17 |
|
14 |
|
Finance cost |
|
|
(3,024 |
) |
(657 |
) |
(375 |
) |
Profit before
tax |
|
|
12,192 |
|
39,636 |
|
37,999 |
|
Tax expense |
|
|
(12,810 |
) |
(16,770 |
) |
(14,857 |
) |
(Loss) profit for the
period |
|
|
(618 |
) |
22,866 |
|
23,142 |
|
|
|
|
|
|
|
Other comprehensive
income |
|
|
|
|
|
Items that are or may
be reclassified to profit or loss |
|
|
|
|
|
Exchange differences on
translation of foreign operations |
|
|
(622 |
) |
(462 |
) |
(531 |
) |
Total comprehensive
income for the period |
|
|
(1,240 |
) |
22,404 |
|
22,611 |
|
|
|
|
|
|
|
(Loss) profit
attributable to: |
|
|
|
|
|
Owners of the Company |
|
|
(4,198 |
) |
17,903 |
|
18,405 |
|
Non-controlling interests |
|
|
3,580 |
|
4,963 |
|
4,737 |
|
(Loss) profit for the
period |
|
|
(618 |
) |
22,866 |
|
23,142 |
|
|
|
|
|
|
|
Total comprehensive
income attributable to: |
|
|
|
|
|
Owners of the Company |
|
|
(4,820 |
) |
17,441 |
|
17,874 |
|
Non-controlling interests |
|
|
3,580 |
|
4,963 |
|
4,737 |
|
Total comprehensive
income for the period |
|
|
(1,240 |
) |
22,404 |
|
22,611 |
|
|
|
|
|
|
|
(Loss) earnings per
share |
|
|
|
|
|
Basic (loss) earnings per
share ($) |
|
|
(0.24 |
) |
1.36 |
|
1.49 |
|
Diluted (loss) earnings per
share ($) |
|
|
(0.24 |
) |
1.35 |
|
1.48 |
|
|
Consolidated statements of cash flowsFor the
years ended December 31,(in thousands of United States Dollars,
unless indicated otherwise)
|
|
|
2023 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
Cash inflow from
operations |
|
|
26,398 |
|
49,657 |
|
38,703 |
|
Interest received |
|
|
39 |
|
17 |
|
14 |
|
Finance costs paid |
|
|
(2,462 |
) |
(192 |
) |
(388 |
) |
Tax paid |
|
|
(9,206 |
) |
(6,866 |
) |
(7,426 |
) |
Net cash inflow from
operating activities |
|
|
14,769 |
|
42,616 |
|
30,903 |
|
|
|
|
|
|
|
Cash flows used in
investing activities |
|
|
|
|
|
Acquisition of property, plant
and equipment |
|
|
(28,556 |
) |
(41,495 |
) |
(32,112 |
) |
Acquisition of exploration and
evaluation assets |
|
|
(1,837 |
) |
(2,596 |
) |
(5,717 |
) |
Proceeds from sale of assets
held for sale |
|
|
– |
|
– |
|
500 |
|
Proceeds from derivative
financial instruments |
|
|
178 |
|
– |
|
1,066 |
|
Acquisition of Put
options |
|
|
(946 |
) |
(478 |
) |
– |
|
Proceeds from disposal of
subsidiary |
|
|
– |
|
– |
|
340 |
|
Proceeds from call
options |
|
|
– |
|
416 |
|
208 |
|
Acquisition of call
options |
|
|
– |
|
(176 |
) |
– |
|
Net cash used in
investing activities |
|
|
(31,161 |
) |
(44,329 |
) |
(35,715 |
) |
|
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
|
Dividends paid |
|
|
(11,099 |
) |
(8,906 |
) |
(8,069 |
) |
Payment of lease
liabilities |
|
|
(184 |
) |
(150 |
) |
(129 |
) |
Shares issued – equity raise
(net of transaction cost) |
|
|
15,569 |
|
– |
|
7,806 |
|
Repayments of term loans |
|
|
– |
|
– |
|
(361 |
) |
Loan notes - Motapa
payment |
|
|
(7,250 |
) |
– |
|
– |
|
Loan notes - solar bond issue
receipts (net of transaction cost) |
|
|
6,895 |
|
– |
|
– |
|
Proceeds from gold loan |
|
|
– |
|
– |
|
2,752 |
|
Repayment of gold loan |
|
|
– |
|
(3,698 |
) |
– |
|
Proceeds from share options
exercised |
|
|
– |
|
– |
|
165 |
|
Net cash from/ (used
in) financing activities |
|
|
3,931 |
|
(12,754 |
) |
2,164 |
|
Net decrease in cash
and cash equivalents |
|
|
(12,461 |
) |
(14,467 |
) |
(2,648 |
) |
Effect of exchange rate
fluctuations on cash and cash equivalents |
|
|
(67 |
) |
(302 |
) |
(179 |
) |
Net cash and cash equivalents
at the beginning of the year |
|
|
1,496 |
|
16,265 |
|
19,092 |
|
Net cash and cash
equivalents at the end of the year |
|
|
(11,032 |
) |
1,496 |
|
16,265 |
|
|
Consolidated statements of financial
position(in thousands of United States Dollars, unless
indicated otherwise)
As at December 31 |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
Assets |
|
|
|
|
Exploration and evaluation
assets |
|
|
94,272 |
|
17,579 |
|
Property, plant and
equipment |
|
|
179,649 |
|
178,983 |
|
Deferred tax asset |
|
|
153 |
|
202 |
|
Total non-current
assets |
|
|
274,074 |
|
196,764 |
|
|
|
|
|
|
Income tax receivable |
|
|
1,120 |
|
40 |
|
Inventories |
|
|
20,304 |
|
18,334 |
|
Derivative financial
assets |
|
|
88 |
|
440 |
|
Trade and other
receivables |
|
|
9,952 |
|
9,185 |
|
Prepayments |
|
|
2,538 |
|
3,693 |
|
Cash and cash equivalents |
|
|
6,708 |
|
6,735 |
|
Assets held for sale |
|
|
13,519 |
|
– |
|
Total current
assets |
|
|
54,229 |
|
38,427 |
|
Total
assets |
|
|
328,303 |
|
235,191 |
|
|
|
|
|
|
Equity and
liabilities |
|
|
|
|
Share capital |
|
|
165,068 |
|
83,471 |
|
Reserves |
|
|
137,819 |
|
137,801 |
|
Retained loss |
|
|
(63,172 |
) |
(50,222 |
) |
Equity attributable to
shareholders |
|
|
239,715 |
|
171,050 |
|
Non-controlling interests |
|
|
24,477 |
|
22,409 |
|
Total
equity |
|
|
264,192 |
|
193,459 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Deferred tax liabilities |
|
|
6,131 |
|
5,123 |
|
Provisions |
|
|
10,985 |
|
2,958 |
|
Loan notes - long term
portion |
|
|
6,447 |
|
– |
|
Cash-settled share-based
payment - long term portion |
|
|
374 |
|
1,029 |
|
Lease liabilities - long term
portion |
|
|
41 |
|
181 |
|
Total non-current
liabilities |
|
|
23,978 |
|
9,291 |
|
|
|
|
|
|
Cash-settled share-based
payment - short term portion |
|
|
920 |
|
1,188 |
|
Income tax payable |
|
|
10 |
|
1,324 |
|
Lease liabilities - short term
portion |
|
|
167 |
|
132 |
|
Loan notes - short term
portion |
|
|
665 |
|
7,104 |
|
Trade and other payables |
|
|
20,503 |
|
17,454 |
|
Overdraft and term loans |
|
|
17,740 |
|
5,239 |
|
Liabilities associated with
assets held for sale |
|
|
128 |
|
– |
|
Total current
liabilities |
|
|
40,133 |
|
32,441 |
|
Total
liabilities |
|
|
64,111 |
|
41,732 |
|
Total equity and
liabilities |
|
|
328,303 |
|
235,191 |
|
|
1 Non-IFRS measures
such as “On-mine cost per ounce”, “All-in sustaining cost per
ounce” and “adjusted EPS” are used throughout this announcement.
Refer to section 10 of the MD&A for a discussion of non-IFRS
measures.
2 Refer to the
technical report entitled "NI 43-101 Technical Report on the
Blanket Gold Mine, Zimbabwe" with effective date September 1, 2022
prepared by Minxcon (Pty) Ltd filed by the Company on SEDAR
(www.sedar.com) on March 13, 2023.
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